Traci Alloway

It could.

I think it's the nature of the investment.

So the traditional structure that Craig described is private equity, right?

So if you think about an equity investment, you go out, you buy a company, you take over management, retool operations, you merge, you do whatever you do in private equity to increase value.

And then in three, five years, you want to turn around and realize that investment.

Where a lending business is more of a kind of

balance sheet perpetual business where you're finding new loans all the time and you have loans maturing, redeploying the money.

the evergreen structure of an integral fund makes more sense.

That makes sense.

Yeah.

So you're typically have bigger bite sizes in private equity.

You know, it's more heavily concentrated portfolio with a finite timeframe, whereas credit it's like a, if you think of bank balance, right.

This was funding that used to be funded by deposits in perpetuity.

Yeah.

I think the fact you have,

much smaller number of investments, many, many smaller.

I mean, a typical private equity fund can have five to 25 investments depending on its size, whereas the typical private credit fund is going to have hundreds, if not thousands.

So imagine having to make to call $50 four times a week from your investor, each of your hundreds of thousands of it would be really cumbersome.

And I think that also goes to the logic around the gates.

That's been a pretty controversial topic.